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Current as of March 28, 2024 | Updated by Findlaw Staff
Notice to a bank of an adverse claim to a deposit standing on its books to the credit of any person shall not be sufficient to require the bank to pay the deposit to the adverse claimant or otherwise recognize the adverse claim unless the adverse claimant also:
(1) Procures a restraining order, injunction, or other appropriate process, which has become final and not further appealable, against the bank from a court of competent jurisdiction in a cause therein instituted by him or her wherein the person to whose credit the deposit stands is made a party and served with summons; or
(2) Executes to the bank, in form and with sureties acceptable to it, a bond indemnifying the bank from any and all liability, loss, damage, costs, and expenses for and on account of the payment of the adverse claim or the dishonor of the check or other order of the person to whose credit the deposit stands on the books of the bank.
Cite this article: FindLaw.com - Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-47-205. Adverse claim to deposit - last updated March 28, 2024 | https://codes.findlaw.com/ar/title-23-public-utilities-and-regulated-industries/ar-code-sect-23-47-205/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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